New York, NY — (SBWIRE) — 04/13/2017 — CIGS stands for copper indium gallium selenide, it is a thin film solar cell that is used to convert sun rays into electrical energy. CIGS thin film solar cells are manufactured by the process of depositing a thin layer of indium, copper, selenide and gallium on plastic backing or glass, having electrodes on the back and front to collect current. CIGS has a high absorption coefficient and absorbs sunlight strongly, so a thin film of this material is required to obtain the same electric energy as that of semiconductor materials. The thin-film photovoltaic technologies consists of three mainstreams namely amorphous silicon, cadmium telluride and CIGS. Like other materials in the thin-film photovoltaic technologies, CIGS is also flexible, that allows them to get deposited on the flexible substrates. Also the best performance of the solar cells comes from the glass deposited cells, as all the technologies use high temperature depositions. The performance of polysilicon-based panels are higher than these glass based technologies of solar cells, though advances in CIGS low temperature deposition is trying to erase these performance difference up to a great extent. CIGS Thin-film solar cells market is expected to expand at a healthy CAGR in the forecast period.
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The increasing market of solar panels and cost efficiency of electricity generated by solar panels as compared to other sources of energy is driving the CIGS thin-film solar cells market. Also the increased efficiency of CIGS thin film solar cells and the reduced time required to produce the electricity as compared to its counterpart’s technologies is further contributing in the growing CIGS thin-film solar cells market. Moreover, the rising concerns amongst people for environmental safety is bolstering the CIGS thin-film solar cells market.
However, the initial high cost of CIGS thin film solar cells and the complexity and technicality associated with its manufacturing can hamper the growth of global CIGS thin-film solar cells market.
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The global CIGS thin-film solar cells market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. North America is a dominant region in the global CIGS thin-film solar cells market owing to its presence in the energy and power sector. Asia Pacific ranks second in the market share of global CIGS thin-film solar cells market because of the growing electronics and electrical industry. The flourishing automobiles industry in Europe is the major cause to map this region in the global CIGS thin-film solar cells market. Latin America is also gaining importance in this market due to the investments of this region in the energy and power sector. Middle east and Africa is at a nascent stage in the global CIGS thin-film solar cells market but is anticipated to have a considerable CAGR in the forecasted period.